The government has published negotiation objectives for ambitious trade agreements with Australia and New Zealand.
As two of the UK's closest allies and friends, Australia and New Zealand already count among our most important economic partners. UK businesses traded a significant £21bn worth of goods and services in total with both countries last year.
New trade agreements will remove barriers to trade, and benefit a wide range of UK firms, from drinks companies to the automotive industry and professional services firms. Analysis published today confirms that the value of UK exports to the two countries could increase by around £1 billion as a result of the deals, while consumers are expected to benefit from a greater choice of goods and lower prices.
Both agreements will include chapters on digital trade to maximise opportunities for businesses to trade digitally. They will also include dedicated SME chapters to help more small businesses to sell their goods and services to Australia and New Zealand for the first time.
After attending a briefing by Liz Truss, Secretary of State for International Trade, James Wild MP, said -
Now we have left the EU we can pursue free trade agreements and increase opportunities to grow exports.
Strengthening ties with old friends like Australia and New Zealand will bring investment, jobs and economic resilience to our vibrant economies.
As we begin to recover from the Coronavirus economic set-back, new trade agreements with Australia and New Zealand will help boost our economic recovery by opening up new markets for businesses, creating jobs and supporting a range of industries across the UK.
These talks are also a logical step towards membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the world’s largest free trade areas accounting for 13% of global GDP in 2018. The Government has today reaffirmed its interest in joining this group and is stepping up engagement with its members. UK membership would increase and diversify the UK’s £110 billion trade relationship with its members and create opportunities in the world’s most dynamic economies. Both Australia and New Zealand support the UK joining CPTPP, and trade agreements with them could facilitate the UK’s accession.
Read the UK's negotiation objectives online here: https://www.gov.uk/government/news/liz-truss-kick-starts-trade-negotiations-with-australia-and-new-zealand
